contact the client and advise him on what to do. This has been now rolled out for the Swiss platform.

contact the client and advise him on what to do this has been now rolled out for the swiss platform


funds on behalf of our clients in a discretionary manner. And we will be doing that

funds on behalf of our clients in a discretionary manner and we will be doing that


with labor and factory cost a small gain, but offset by material costs and growth in overheads.

with labor and factory costs a small gain but offset by material costs and growth in overheads


In relation to our footprint optimization and our ongoing commitment to improve our cyclical resilience,

in relation to our footprint optimization and our ongoing commitment to improve our cyclical resilience


I'd like to share details on one realization. Earlier this month,

i'd like to share details on one realization earlier this month


which was primarily driven by a noncash, nondebt interest item related to purchase accounting.

which was primarily driven by a noncash non-debt interest item related to purchase accounting


we are maintaining our sales volume and adjusted EBITDA outlook provided at the end of the first quarter.

we are maintaining our sales volume and adjusted ebitda outlook provided at the end of the first quarter


It's truly a great accomplishment by the entire team to achieve these results so quickly.

it's truly a great accomplishment by the entire team to achieve these results so quickly


This includes both alignment of operating investment with capital allocation discipline and measured return

this includes both alignment of operating investment with capital allocation discipline and measured return hurdles


And so we'll get a little bit of helping wind from those 2 smaller acquisitions.

and so we'll get a little bit of helping wind from those 2 smaller acquisitions


the back half of this year to maybe get to the point where you had national distribution on that. So just wanted to see if there have been any movements?

the back half of this year to maybe get to the point where you had national distribution on that so just wanted to see if there'd been any movement


We will execute on the remaining capital raising initiatives, and we will rationalize costs further.

we will execute on remaining capital raising initiatives and we will rationalize costs further


We're beginning to work with innovative emerging companies at the cusp of rapid growth and market disruption.

we're beginning to work with innovative emerging companies at the cusp of rapid growth and market disruption


Glasses and contact lenses can be used for a time to address the side effects of the disease.

glasses and contact lenses can be used for a time to address the side effects of the disease


our new team that we put in place has been able to launch a new fund. Fundraising is progressing well there

our new team that we put in place has been able to launch a new fund fundraising is progressing well there


grow our portfolio, to hit our targets that we've laid out there for folks. And I feel comfortable we've got that

to grow our portfolio to hit our targets that we've laid out there for folks and i feel comfortable we've got that


In closing, we will continue to drive top line growth and operating leverage across the company.

in closing we will continue to drive top line growth and operating leverage across the company


we love to see, but the leverage rates on the distribution business are much different than the traditional manufacturing

we love to see but the leverage rates on a distribution business are much different than the traditional manufacturing


Please turn to the top of the next page, Slide 13, cash flows.

please turn to the top of the next page slide 13 cash flows


We have seen this trend moderate as players have become more attuned to the lower payout.

we have seen this trend moderate as players have become more attuned to the lower payout


In addition to historical facts or statements of current conditions, today's conference call contains forward-looking statements

in addition to historical facts or statements of current conditions today's conference call contains forward-looking statements


We could not be more pleased with the strong operational performance by our managers in the field.

we could not be more pleased with the strong operational performance by our managers in the field


be focused more on the mechanisms and the latch systems within the rear seats, which we have a leadership position.

be focused more on the mechanisms and the latch systems within the rear seats which we have a leadership position


our clients who are -- those media content owners for them to understand the size of the audiences that they're

our clients who are those media content owners for them to understand the size of the audiences that they're


I'll comment on that in a moment. But first, I'll walk you through the phases we're going through to get there.

i'll comment on that in a moment but first i'll walk you through the phases we're going through to get there


Billing is a challenge for our industry and we needed to make changes in the former Clarient billing process,

billing is a challenge for our industry and we needed to make changes in the former clarient billing process


Our sales representatives are doing an excellent job building out the respective pipelines of growth opportunities

our sales representatives are doing an excellent job building out their respective pipelines of growth opportunities


part of the -- their requirements would come out of inventory before they would place new orders.

part of their requirements would come out of inventory before they would place new orders


And the only reason that we have stopped for now is there are now active conversations

and the only reason that we have stopped for now is that there are now active conversations


what's been better than expected? Since you got into the weeds there and what's been more challenging

what's been better than expected since you got into the weeds there and what's been more challenging


Got it. And then in terms of the -- with the new

got it and then in terms of the -- with the new


These PoPs run on the public cloud avoiding the cost of establishing data centers as we enter new countries.

these pops run on the public cloud avoiding the cost of establishing data centers as we enter new countries


We believe that margins should return to their historical levels for the remainder of the year.

we believe that margins should return to their historical levels for the remainder of the year


across the entire gaming ecosystem, is an extremely high priority on our product road map.

across the entire gaming ecosystem is an extremely high priority on our product road map


kind of brand awareness opportunity where people would travel from all over the country or the world,

kind of brand awareness opportunity where people that travel from all over the country or the world


Actual results may differ materially from those implied or included in these forward-looking statements.

actual results may differ materially from those implied or included in these forward-looking statements


all of our segments as strategic components of our overall portfolio, and it's something that

all of our segments are strategic components of our overall portfolio and something that


mainly impacted by the timing of national holidays. This will then

mainly impacted by the timing of national holidays this will then


The initiative illustrated what the passion and zeal of a truly committed team could accomplish.

the initiative illustrated what the passion and zeal of a truly committed team could accomplish


mainly the cancellation of unprofitable contracts in France from the assistance business.

mainly the cancellation of unprofitable contracts in france from the assistance business


to significantly increase learning rates. Before I turn the call over to Dan, I'll quickly summarize.

to significantly increase learning rates before i turn the call over to dan i'll quickly summarize


given the size of what the Federal government is to our particular business, I'm very unconcerned about it.

given the size of what the federal government is to our particular business i'm very unconcerned about it


strip out the mix impacts of industry premiumization. And how do you expect that change going forward?

strip out the mixed impacts of industry premiumization and how do you expect this to change going forward


We acquired this land some time ago with the intention of doing the development. We didn't -- we were not

we acquired this land some time ago with the intention of doing the development we didn't -- we were not


the full year favorable revenue impact from currency is expected to be approximately 60 basis points


we continue to increase new project engagements with many heavyweight customers worldwide.


particularly in the Permian, will still need to be satisfied primarily by Northern White sand.

particularly in the permian will still need to be satisfied primarily by northern white sand


And we've seen significant improvement and impact on our business in a positive manner.

and we've seen significant improvement and impact on our business in a positive manner


But frankly, a significant portion of that is still being driven by inflation and higher lane rates.

but frankly a significant portion of that is still being driven by inflation and higher lane rates


closing process. That was the only debt that they had with seasonal working capital lines

closing process that was the only debt that they had were seasonal working capital lines


while we keep strong discipline and even more selectivity on capital allocation.


Additional reliability and resilience investments may be discussed in future calls.

additional reliability and resilience investments may be discussed in future calls


if there was a distracted trigger in that claim file. We're obviously seeing an increase with that.

if there was a distracted trigger in that claim file we're obviously seeing an increase with that


As we executed work over the course of the first quarter, we worked down that advanced billing position.

as we executed work over the course of the first quarter we worked down that advanced billing position


When we talk to our customers, it had been something that they've been able to extend with low energy prices. But

when we talk to our customers it had been something that they've been able to extend with low energy prices but


doesn't have an impact from a disproportionate share of tariffs, not only to Americans who face cancer, but

doesn't have an impact from a disproportionate share of tariffs not only to americans that face cancer but


I urge you to keep focused on mortgage annual profit expectations to avoid being deceived that

i urge you to keep focused on mortgage annual profit expectations to avoid being deceived that


in the higher ranking of any organic or paid search in the categories that we dominate.


It's also really pleasing to see that the strategic relationship with Phoenix is already working well.

it's also really pleasing to see that the strategic relationship with phoenix is already working well


continuing to grow the mosquito service offering and possible geographic expansion.


In a number of countries, we faced disruptive increases in the cost of the materials that we use to make our products.

in a number of countries we faced disruptive increases in the cost of the materials that we use to make our products


recent minimum wage legislation? And also with tighter labor markets,

recent minimum wage legislation and also with tighter labor markets


As Andrew said at the very beginning, we are starting with the questions in the room,

as andrew said at the very beginning we are starting with the questions in the room


in the center for allocating the capital and also for allocating the investment means,


Well, most -- what I always ask people is, what was the price of oil 10 years ago?

sure well most -- what i always ask people is what was the price of oil 10 years ago


And many patients may require periodic retreatment as deposits come back.

and many patients may require periodic retreatment as deposits come back


are being well received in our continued discussions with potential commercial partners,


rising environment versus the last time we experienced Fed tightening, where the beginning of the trend lines

rising environment versus the last time we experienced fed tightening where the beginning of the trend lines


The last metric, the ratio of lifetime value of a customer to the customer acquisition cost in the third quarter,

the last metric the ratio of lifetime value of a customer to the customer acquisition cost in the third quarter


thank you for being here today despite your busy schedule to listen to our financial briefing.


And when we think about a partner, obviously we are going to be interested in someone that is really going to have propensity and focus

and when we think about a partner obviously we're going to be interested in someone that is really going to have capacity and focus


Having said that, when you look at the margin separation,

having said that when you look at the margin separation


The actual numbers are misleading as a result of Easter falling in the first 5 weeks last year but not this year.

the actual numbers are misleading as a result of easter falling in the first 5 weeks last year but not this year


in this area, and we're quite optimistic about the opportunities in China.

in this area and we're quite optimistic about the opportunities in china


So that is really at the heart of the way we manage our business.

so that is really at the heart of the way we manage our business


by partnering with our various group companies to utilize customer data and create new value.


I don't have a number on the ARPU increase of that, but all those packages would be

i don't have a number on the auto increase of that but all those packages would be


and talk about our results for the third quarter, I want to address the impact of Hurricane Michael on our plant in Panama City.

and talk about our results for the third quarter i want to address the impact of hurricane michael on our plant in panama city


We introduced and refined the group's presentation sales format for new and existing owners,

we introduced and refined a group's presentation sales format for new and existing owners


Our outlook assumes currency rates to be consistent with the end of July levels.

our outlook assumes currency rates to be consistent with the end of july levels


Chocolate continued to be strong as we executed our plans, and the overall market conditions remained good.

chocolate continued to be strong as we executed our plans and the overall market conditions remained good


Other than that, I think our unplanned downtime, the way that we look at it is

other than that i think our unplanned downtime the way that we look at it is


We see continued improvement in Germany despite the fact that, that was one of the areas that we chose

we see continued improvement in germany despite the fact that that was one of the areas that we chose to


that we contracted and we're in the process of deploying that as we commented on, and that helps us

that we contracted in and we're in the process of deploying that as we commented on and that helps us


by allowing them to be classified as additional current maturities of long-term debt? Dev?


how much effort we're putting on this and how much acceleration our intention is


These include adding clinical sites and increasing enrollment in the ongoing Phase II clinical trial,

these include adding clinical sites and increasing enrollment in the ongoing phase ii clinical trial


All key categories for the brand domestically continue to perform well, especially the kids line.

all key categories for the brand domestically continue to perform well especially the kids line


improve our balance sheet and maintain a disciplined approach when it comes to our expenses.


And finally, I want to make a couple of observations on key topics of interest.

and finally i want to make a couple of observations on key topics of interest


Increase was primarily the result of higher cost in our Pulp business

increase was primarily the result of higher cost in our pulp business


for the full year. Please turn to Slide 12 labeled Balance Sheet and Cash Flow.

for the full year please turn to slide 12 labeled balance sheet and cash flow


But we're very much focused on PCB, very much focused on the mainstream of the market.

but we're very much focused on pcb very much focused on the mainstream of the market


This is resulting in a deferral of new equipment spending and playing a major role in the decline in the overall demand from mobile equipment.

this is resulting in a deferral of new equipment spending and playing a major role in the decline in the overall demand for mobile equipment


But I don't think, at this point, we're really anticipating a meaningful increase in freight

but i don't think at this point we're really anticipating a meaningful increase in freight


This concludes today's conference. Thank you for your participation. You may now disconnect.

this concludes today's conference thank you for your participation you may now disconnect


we were going to back those that back us, and that's really the strategy we put in place.

we were going to back those that back us and that's really the strategy we've put in place


But it would be fair to think that you would have capacity that you could utilize here to

but it would be fair to think that you would have capacity that you could utilize here


fell on the weekend this year, was that a meaningful impact in terms of

sell on the weekend this year was that a meaningful impact in terms of


Good morning. My name is Natalia, and I will be your conference operator today.

good morning my name is natalia and i will be your conference operator today


And what we're seeing is increased demand for outsourcing, and we see their growth

and what we're seeing is increased demand for outsourcing and we see their growth


Before we get started, I wanted to remind you that some statements made today are or may be considered forward-looking statements

before we get started i wanted to remind you that some statements made today are or may be considered forward-looking statements


Others will realize that they did need it and there'll be another kind of surge in sales I think in '16. So

others will realize that they did need it and there'll be another kind of surge in sales i think in '16 so


We also anticipate higher operations expense due to stronger sales, that I just mentioned,

we also anticipate higher operations expense due to stronger sales that i just mentioned


So when it comes to future developments, we're going to limit hog production,

so when it comes to future developments we're going to limit hog production


we have lowered the level of debt and increased the level of return for our shareholders.


In that month, when we have spring break, the consumption level

in that month when we have spring break the consumption level


the orders require that a final environmental impact statement for these pipelines be completed prior


Two questions , if I can. Firstly, can you explain some of the current dynamics you're seeing in Medicare Part D.

two questions if i can firstly can you explain some of the current dynamics you're seeing in medicare part d


how do you balance kind of a few factors related to


as a result of increased costs related to maintenance of our water and sewer systems and legal and regulatory fees.


right now strong and getting stronger. And we are really focused on winning with the winners

right now strong and getting stronger and we are really focused on winning with the winners


So I think that is all in place, but at the end of the day in combination with

so i think that is all in place but at the end of the day in combination with


A substantial portion of this rebate stems from the increase in specialty drug utilization

a substantial portion of this rebate stems from the increase in specialty drug utilization


that this platform is a game changer. No one has done this, and I don't believe can,

that this platform is a game changer no one has done this and i don't believe can


and we will earn a margin on that, which is why we said we believe it will be accretive immediately and going forward. So

and we will earn a margin on that which is why we said we believe it will be accretive immediately and going forward so


That having been said, we are focused on rationalizing the business and have already taken significant steps in that regard.

that having been said we are focused on rationalizing the business and have already taken significant steps in that regard


is that basically what's implicit in the guide then for the year here for


and to identify partners who most closely share our vision for these opportunities given the long IP life

and to identify partners who most closely share our vision for these opportunities given the long ip life


we trade and you want us to be fighters and we will continue to do what we're doing.

trade where we trade and you want us to be fighters and we'll continue to do what we're doing


Slide 12 provides an overview of our cash flows from operating activities

slide 12 provides an overview of our cash flows from operating activities


A meaningful percentage of this investment is directly tied to strong sales activity in Travel Network

a meaningful percentage of this investment is directly tied to strong sales activity in travel network


To start with, in 2015, I'll admit that there were several areas where we felt we fell short.

to start with in 2015 i'll admit that there were several areas where we felt we fell short


where they're looking to green up their portfolios, respond to their customer and stakeholder concerns about carbon.

where they're looking to green up their portfolios respond to their customer and stakeholder concerns about carbon


mostly in Connecticut. Although we are also working up in the Plattsburgh area of New York in terms of growth.

mostly in connecticut although we are also working up in the plattsburgh area of new york in terms of growth


It may vary up or down slightly, but usually, our history says that's the range you should think about.

it may vary up or down slightly but usually our history says that's the range you should think about


can you give us some sort of idea as to sort of how close you are to


We continue to have dominant share in this category and capture significant share at launch of new titles.

we continue to have dominant share in this category and capture significant share at launch of new titles


where we continue to focus our efforts on the network deployment in order to improve capability


A recently published review of published randomized clinical trials concluded that nutritional vitamin D

a recently published review of published randomized clinical trials concluded that nutritional vitamin d


We have to bring it into the device. And if we talk device, we talk Gerresheimer. So

we have to bring it into the device and if we talk device we talk gerasimov so


out to the many thousands of patients that we physicians and others believe


the future opportunities there. But we're really not going to comment on anything specifically at this point about the future product.

the future opportunities there but we're really not going to comment anything specifically at this point about the future part


with us about where exactly you see growth in electronics coming back? So this is my first question.

with us about where exactly you see growth in electronics coming back so this is my first question


On the OUS side, we continue to work with our distributor partners through the impact of last year's currency fluctuation.

on the ous side we continue to work with our distributor partners through the impact of last year's currency fluctuation


that's where the opportunity that we saw and just taking it from kind of a

that's where the opportunity that we saw in just taking it from kind of


Our Lantana Place project is a mixed-use development project in Southwest Austin.

our antenna place project is a mixed-use development project in southwest austin


I'm going to ask, broadly speaking, when do you think the carriers will see a pickup in their spending?

i'm going to ask broadly speaking when do you think the carriers will see a pickup in their spending


or actually, we should not call it an offer, we should call it just a nonbinding proposal

actually we should not call it an offer we should call it just a non-binding proposal


Swiss private banking sector and in other places of the world. We believe that the consolidation will continue.

swiss private banking sector and in other places of the world we believe that the consolidation will continue


As you would expect, we'll remain disciplined and patient sellers as we move through the process.

as you would expect we'll remain disciplined and patient sellers as we move through the process


I think it will give us more opportunity to combine some of the stuff that we do in store ops. But it's,

i think it'll give us more opportunity to combine some of the stuff that we do in store-ups but it's


For these initiatives, our 2019 focus will be to continue and build upon our strong progress to date.

for these initiatives our 2019 focus will be to continue and build upon our strong progress to date


The business closure and disposals have already generated cash well in excess of the costs incurred.

the business closure and disposals have already generated cash well in excess of the costs incurred


are looking for Pixel to really understand how we are driving growth. And I think that's one big area that we continue to invest.

are looking for pixel to really understand how we are driving growth and i think that's one big area that we continue to invest


For example, our voluntary early retirement program will be a key contributor this year

for example our voluntary early retirement program will be a key contributor this year


and reduction in other overhead cost due to our focus on maintaining a lower and more efficient cost structure.

and reduction in other overhead costs due to our focus on maintaining a lower and more efficient cost structure


and I think it will always exist. And I think that customer that needs help in creating

and i think it will always exist i think that customer that needs help in creating


In closing, we are proud of our team's hard work over the past year and we thank them for their efforts.

in closing we are proud of our team's hard work over the past year and we thank them for their efforts


However, the difference in terms of the benefits coming from the subsidies does exist. So that would be one factor.

however the difference in terms of the benefits coming from the subsidies does exist so that would be one factor


that really are very akin to research and development at this point, which is

that really are very akin to research and development at this point which is


who can provide expanded capabilities and scale for implementation of SeaChange solutions.

who can provide expanded capabilities and scale for implementation of sea change solutions


year. Steve, I'll take the first part of the question, then I'll turn it over to Brian on the cash management office.

year steve i'll take the first part of the question then i'll turn it over to brian on the cash management office


with inspirations from many places in the world. Uptown, as the name implies, is more formal

with inspirations from many places in the world uptown as the name implies is more formal


Against the background of this result, I would like to reiterate our guidance.

against the background of these results i would like to reiterate our guidance


We've got a great team in Saga and I believe we have a very strong plan for the future.

we've got a great team at saga and i believe we have a very strong plan for the future


Accordingly, Q4 will be the strongest quarter of the year for us with no property renovation disruption.

accordingly q4 will be the strongest quarter of the year for us with no property renovation disruption


around -- we estimated if prior years are similar to this year, which they seem

around we estimate if prior years are similar to this year which they seem


What we are doing is we are constructing a new machine

what we are doing is we are constructing a new machine


that still a part of our overall digital initiatives that we are undertaking for the group

that's still a part of our overall digital initiatives that we are undertaking for the group


not getting a lot of loads that had been priced in a place where we thought they needed to be, given

not getting a lot of loads that had been priced in a place where we thought they needed to be given


While we are in the early stages, the team is making great progress in improving CPD margins.

while we are in the early stages the team is making great progress in improving cpd margins


Also, engineering became more specific as it relates to the equipment as we move through the last year of the project.

also engineering became more specific as it relates to the equipment as we moved through the last year of the project


criteria that was determined by the technology, and were automatically added to the footprint.

criteria that was determined by the technology and were automatically added to the footprint


Well, from my standpoint, I don't think we need to get much smaller. We always have

well from my standpoint i don't think we need to get much smaller we always have


It's filled with phenomenally talented people, and that these people are the foundation of our company.

it's filled with phenomenally talented people and that -- and that these people are the foundation of our company


In terms of your battery business, just to continue where you left on in the third quarter,

in terms of your battery business just to continue where you left on in the third quarter


So as a result of that, we do think that our earnings going forward will continue to be -- maintain a very healthy level.

so as a result of that we do think that our earnings going forward will continue to be -- maintain a very healthy level


It seems to me that you're gaining additional market share now

it seems to me that you're gaining additional market share now


may differ materially from those projected due to the impact of these factors and others beyond its control.


I just wanted to ask how you would describe that pipeline in those terms today.

i just wanted to ask how you would describe that pipeline in those terms today


in production rates and as those balances pull up relative to what pays down,


been awarded is in Dubai, and that will be more of a second half

been awarded is in dubai and that will be more of a second half


We are believing that, that the decrease we've seen over the last several years,

we are believing that the decrease we've seen over the last several years


part of that might not be recurring, that we might not be able to sustain that level in the quarters to come. Is that correct?

part of that might not be recurring that you're not able to sustain that level in the quarters to come is that correct


So we'll talk more about our vision, applying our purpose and our goals and bold moves shortly

we will talk more about our vision applying our purpose and our goals in bold move shortly


I think you saw in our marketing, a lot of diversity within the marketing of real members, including

i think you saw in our marketing a lot of diversity within the marketing of real members including


And we are even starting to add a fourth shift in certain facilities until we're able to catch up with the recent pickup in demand.

and we are even starting to add a fourth shift in certain facilities until we're able to catch up with the recent pickup in demand


We continue to be pleased with our results in Europe and Canada with our Transatlantic Operating Model.

we continue to be pleased with our results in europe and canada with our transatlantic operating model


give us -- talk a little bit more about Yeezy and reassure us that

give us -- talk a little bit more about yeezy and reassure us that


Our operated pipelines benefited from strong utilization at our refineries. In addition,

our operated pipelines benefited from strong utilization at our refineries in addition


Overall, we are pleased with the strong first quarter performance of our housing and lifestyle businesses.

overall we are pleased with the strong first quarter performance of our housing and lifestyle businesses


the houses that are in default or in REO-type status, if you think about our field services. So we are not

the houses that are in default or in reo type status if you think about our field services so we are not


and I think it's because, as I have said, the relationships between

and i think it's because as i have said the relationships between


and as a result, we are investing in it. We started to invest in the first quarter.

and as a result we are investing in it we started to invest in the first quarter


And we will continue to invest in this area during the course of 2016, which Dave will outline later on.

and we will continue to invest in this area during the course of 2016 which dave will outline later on


We will continue to educate the public on our quality ingredients and real cooking.

we will continue to educate the public on our quality ingredients and real cooking


The funding strategy also supports improving our credit metrics over the 5 year plans,

the funding strategy also supports improving our credit metrics over the 5-year plan


And where we really saw the opportunity to increase guidance significantly this morning

and where we really saw the opportunity to increase guidance significantly this morning


a complicated ultra-rare neurodegenerative disease that typically presents in childhood and is ultimately fatal.


So we need to have internal criteria by which to judge things. Take our milk tea for example.

so we need to have internal criteria by which to judge things take our milk tea for example


They have better stamina than new products. However,

they have better stamina than new products however


We have a passionate group of employees that take great pride in helping people achieve what are often life changing goals.

we have a passionate group of employees that take great pride in helping people achieve what are often life-changing goals


we've moved up market and we're doing larger deals. And again, those deployment cycles are going to be a little bit longer. But

we've moved upmarket and we're doing larger deals and again those deployment cycles are going to be a little bit longer but


I hope this has been a useful and comprehensive update for you.

i hope this has been a useful and comprehensive update for you


yes, as we've announced the vast majority of our sales recently have been in China.

as we've announced the vast majority of our sales recently have been in china


As we take a step back and look at our total businesses, your question was specifically on the branded side.

as we take a step back and look at our total businesses your question was specifically on the branded side


We also expect this year to complete enrollment in the pivotal study, which we're calling the PROPEL study,

we also expect this year to complete enrollments in the pivotal study which we're calling the propel study


develop our ranges and evolve our formats to best meet changing customer needs.


We've also had a good start to our second half, so we're confident in the outcome for the full year.

we've also had a good start to our second half so we're confident in the outcome for the full year


We remain confident in our ability to maintain roughly these revenue levels in the current markets.

we remain confident in our ability to maintain roughly these revenue levels in the current markets


and affluent client segment as well as the high quality of our distribution networks.


Our capital position was robust at the beginning of the year and ended the year at even stronger levels,

our capital position was robust at the beginning of the year and ended the year at even stronger levels


The fourth execution element is a proactive effort to transition our business models.

the fourth execution element is a proactive effort to transition our business models


This will offer us the chance to sell into the consumer side of the business with our present and future distribution channels,

this will offer us the chance to sell into consumer side of the business with our present and future distribution channels


road map is really unclear once they get out beyond 5 years about how much of their IT kit

it road map is really unclear once they get out beyond five years about how much of their it kit


but they're necessary to support the company's strategy and to continue to take advantage of the growing shipping market.

but they are necessary to support the company's strategy and to continue to take advantage of the growing shipping market


guided volumes are below where your contracted or correct me if I'm thinking about that incorrectly?

guided volumes are below where you're contracted or correct me if i'm thinking about that incorrectly


and everybody is. But that's really, at the end of the day, net neutral in terms of profitability.

and everybody is but that's really at the end of the day net neutral in terms of profitability


As for ARPM, it has continued to exhibit stability and even grew modestly this quarter

as for arpm it has continued to exhibit stability and even grew modestly this quarter


And that's why we're seeing diminished impact from

and that's why we're seeing diminished impact from


Domestically, we have continued to deliver displays for the low rate initial production phase

domestically we have continued to deliver displays for the low rate initial production phase


ultimately translate into an initial sense of how many incremental peak megawatts you might be looking at here?


We hope with the federal announcement and the solid Q1 performance, we can put most of these issues behind us.

we hope with the federal announcement and the solid q1 performance we can put most of these issues behind us


That concludes our prepared remarks for today, and we'd be happy to answer any of your questions.

that concludes our prepared remarks for today and we'd be happy to answer any of your questions


as a result of that. And then just -- additionally, with the press reporting that FINRA is thinking about maybe ending

as a result of that and then just additionally with the press reporting that sinra is thinking about maybe ending


So of course, when we send email invitations out, half the customers aren't getting them because they don't have email addresses. So

so of course when we send e-mail invitations out half the customers aren't getting them because they don't have e-mail addresses so


but this was a very dedicated and clear decision to focus ourselves


A quick recap on the 4 growth drivers we shared at the strategy discussion.

a quick recap on the 4 growth drivers we shared at the strategy discussion


range of between 20% and 15%. So that means, of course, that we intend to bring the group CapEx intensity down

a range of between 20 and 15 so that means of course that we intend to bring the group capex intensity down


for the full detail of our financial performance. I'll focus on key highlights today so we can get to your questions.

for the full detail of our financial performance i'll focus on key highlights today so we can get to your questions


for people with disabilities and also focusing also on improving productivity and in-work salary progression.


will be sufficient to fund our operations through full data readout, which we anticipate

will be sufficient to fund our operations through full data readout which we anticipate


This team has begun to train all of our approximately 400 sales associates on a contemporary

this team has begun to train all of our approximately 400 sales associates on a contemporary


available to fund growth initiatives, specifically restaurant acquisitions and new unit construction.

available to fund growth initiatives specifically restaurant acquisitions and new unit construction


but we're working on it, our -- the teams have been spending a lot of time back and forth in understanding how

but we're working on it our -- the teams have been spending a lot of time back and forth and understanding how


and lower use of commercial paper given the full year impact of receipt of the disposal proceeds.


There are still a few variables around exchange in fiscal '17 which could affect this forecast,

there are still a few variables around exchange in fiscal '17 which could affect this forecast


And once we've completed that research, we will look at the value chain and how best to service the local market

and once we've completed that research we'll look at the value chain and how best to service the local market


as evidenced by the Tubi, Roku and XUMO agreements I also discussed.

as evidenced by the tobi roku and zumo agreements i also discussed


in 2016. For the year, our international sales increased in each of our groups.

in 2016 for the year our international sales increased in each of our groups


And I guess is there anything that's falling out of this year

and i guess is there anything that's falling out of this year


But we're doing it all inside of the model. Where we think we're making an investment,

but we're doing it all inside of the model where we think we're making an investment


and our differentiated approach will result in the continued expansion of our share of the market.


This currency trend is broadly predicted to continue and may produce additional headwinds in the future.

this currency trend is broadly predicted to continue and may produce additional headwinds in the future


Tom will talk more about this later on. I'm also very pleased on the work that has been done on the balance sheet,

tom will talk more about this later on i'm also very pleased on the work that has been done on the balance sheet


and as factored into our original full year guidance, hotel revenues were challenged during the quarter.

and as factored into our original full year guidance hotel revenues were challenged during the quarter


The potential for cancer vaccines is that because they should be safe and because they should be effective,

the potential for cancer vaccines is that because they should be safe and because they should be effective


from the prior quarter as we -- as continued cost savings offset the impact of our annual salary adjustments.


part of this team for a long time, so that's something to think about.

part of the steel for a long time so that's something to think about


And they know us over time. And we have a track record of valuing people and technology. And so

and they know us over time and we have a track record of valuing people and technology and so


We start dosing in Q2, and if you just run the clock and allow us to see some of the

start dosing in q2 and if you just run the clock and allow us to see some of the


and then lay the 2 lines of the revenue trends over one another. And they look almost like identical.

and then lay the 2 lines of the revenue trends over one another and they look almost identical


or can articulate the question. But to the extent that there's a loan out there, what happens to that loan,

or can articulate the question but to the extent that there's a loan out there what happens to that loan


cost, and then we can do the business well. Then we can see further opportunities,

cost and then we can do the business well then we can see further opportunities


We're not going to do anything that dumps the shares on the market in a disorganized manner anytime soon.

we're not going to do anything that dumps the shares on the market in a disorganized manner anytime soon


We've made excellent progress in adding to our portfolio of New York State Department of Health-approved tests.

we've made excellent progress in adding to our portfolio of new york state department of health approved tests


And later this quarter, Vonage Business Cloud will add contact center functionality

and later this quarter vonage business cloud will add contact center functionality


We expect our diverse portfolio to allow us to deliver this revised guidance.

we expect our diverse portfolio to allow us to deliver this revised guidance


run the business to capture the maximum value that we can from the way that we


We'd like to remind you that all or some of the statements made on this conference call will be forward looking.

we'd like to remind you that all or some of the statements made on this conference call will be forward-looking


Our strategy aims to deliver a combination of consistent per share growth and meaningful income to our shareholders.

our strategy aims to deliver a combination of consistent per share growth and meaningful income to our shareholders


I'll now turn it over to Mark for a more detailed review of the financial results in the quarter. Mark?

i'll now turn it over to mark for a more detailed review of the financial results in the quarter mark


were just not able to enter some of the equipment makers because physically, the slot is quite narrow.

were just not able to enter some of the equipment makers because physically the slot is quite narrow


In our strategic sourcing program, which continues to be a bright spot with schedules and savings on track,

in our strategic sourcing program which continues to be a bright spot with schedules and savings on track


And as we mentioned, each of our platforms has a certain type of an acquisition strategy.

and as we've mentioned each of our platforms has a certain type of an acquisition strategy


and we will continue to make further targeted strategic investments in the second half


Good morning, and welcome to the American Airlines Group Third Quarter 2017 Earnings Call.

good morning and welcome to the american airlines group third quarter 2017 earnings call


in terms of being able to create a case that shows that American jobs are at stake

in terms of being able to create a case that shows that american jobs are at stake


And also what is your view on potential additional hikes towards April for hardwood in Asia?

and also what is your view on potential additional hikes towards april for hardwood in asia


in the -- by the fourth quarter of this year, and then we have an ability to continue to grow out

in the -- by the fourth quarter of this year and then we have an ability to continue to grow out


that was the driver behind the unit. If you think about that group and

that was the driver behind the unit if you think about that group and


still remain nicely profitable and traditionally look to invest that cash flow into new equipment


So it was a -- we were pretty pleased with the performance of that business. It's actually a great business. It's run really well

so it was a -- we were pretty pleased with the performance of that business it's actually a great business it's run really well


One other thing that I mentioned in my remarks that should be emphasized

one other thing that i mentioned in my remarks that should be emphasized


information materials for that -- materials and they can vote electronically at the meeting or of course via phone.

information materials for that meeting materials and they can vote electronically at the meeting or of course via phone


Banking and wealth management revenues increased sharply from last quarter and up

banking and wealth management revenues increased sharply from last quarter and up


And what we've said is they have to have a 2-month life expectancy to get on to these levels.

and what we've said is they have to have a 2-month life expectancy to get onto these levels


that will increase our ability to compete effectively and grow over the near and long term.


And by the end of August, we will have been through some part of our operations in every single one of our plants.

and by the end of august we will have been through some part of our operations in every single one of our plants


see where that's a positive for us going forward. If you look at -- if you take the long-term view of Jack Henry, that's a really good

see where that's a positive for us going forward if you look at -- if you take the long-term view of jack henry that's a really good


As we begin the second half of our fiscal year, we continue to be optimistic about the strength of our technology solutions,

as we begin the second half of our fiscal year we continue to be optimistic about the strength of our technology solutions


We plan to present full data from both of these studies at a medical meeting later this year.

we plan to present full data from both of these studies at a medical meeting later this year


On marketing, I've already discussed the benefits we're seeing through continued improvement in efficiency.

on marketing i've already discussed the benefits we're seeing through continued improvement in efficiency


and we have like dozens of projects that are like in the sales pipeline.


Should we be successful in these attempts, we hope to file the same regulatory strategy,

should we be successful in these attempts we hope to follow the same regulatory strategy


That said, we still expect that the Credit strategy will continue to be by far the main driver of EFC's earnings.

that said we still expect that the credit strategy will continue to be by far the main driver of efc's earnings


and we will be entitled to receive meaningful royalties on that sales by Par over the AG sales period.

and we will be entitled to receive meaningful royalties on net sales by par over the ag sales period


it's one of those things where you get a number of claims coming in,


This effort has been led by the development of technology tools that make interactions more seamless for our dealers.

this effort has been led by the development of technology tools that make interactions more seamless for our dealers


which is perfect for the point-of-care technology. And as you can see on the diagram,

which is perfect for the point-of-care technology and as you can see on the diagram


all of which gives these guidelines significant credibility within the physician community.


In South America, reduced mining activity impacted our product support revenues in the fourth quarter.

in south america reduced mining activity impacted our product support revenues in the fourth quarter


some of our lower spending on both the CapEx and OpEx side is not just

that some of our lower spending on both the capex and opex side is not just


which included acquisition costs and also amortization in respect of acquired intangibles.


Let me come to another very successful business unit,

let me come to another very successful business unit


We will return these iconic brands to the desired level of performance and we will do it convincingly.

we will return these iconic brands to the desired level of performance and we will do it convincingly


their model or you guys as a competitor or anything like that?


you help me understand where you had the sales execution issue? Was it

can you help me understand where you had the sales execution issue was it


which muted our ability to improve rate per load, resulting to our desired levels.

which muted our ability to improve rate per load resulted to our desired levels


when you think about the financial institutions to start with that added liquidity in this marketplace in years past,


working for us in a slightly different structure, but one that we still thought was economically appropriate

working for us in a slightly different structure but one that we still thought was economically appropriate


We see a overall challenging performance for the company, of course,

we see a overall challenging performance for the company of course


I think what we're seeing -- relative to the quarter, I wouldn't read anything into that in terms of the overall

i think what we're seeing relative to the quarter i wouldn't read anything into that in terms of the overall


And what we need to do and what we are in the process of doing is essentially to

and what we need to do and what we are in the process of doing is essentially to


we have reached the end of the question-and-answer session. And I would like to turn the call back to Brian Harris for closing remarks.

we have reached the end of the question-and-answer session and i would like to turn the call back to brian harris for closing remarks


As a result of the steady and methodical reallocation of capital to balance sheet loans and real estate investments

as a result of the steady and methodical reallocation of capital to balance sheet loans and real estate investments


And we are unanimous in our commitment to analyze all aspects of our strategy

and we are unanimous in our commitment to analyze all aspects of our strategy


we are in the region, we are in the continent. And that's something that will pay off in the future as well.

we are in the region we are in the continent and that's something that will pay off in the future as well


So we strongly believe that our transformation case will drive up our revenues,

so we strongly believe that our transformation case will drive up our revenues


Coming back to the bigger picture, and let me be very clear, our business fundamentals are solid

coming back to the bigger picture and let me be very clear our business fundamentals are solid


the negative impact. So that is the impact we are expecting in the long run.

the negative impact so that is the impact we are expecting in the long run


That said, we're pleased with where we are in the process, and we'll not sacrifice the productivity of our investments

that said we're pleased with where we are in the process and will not sacrifice the productivity of our investments


But I wouldn't point to the crude haulers, specifically and say they're a bigger culprit or a bigger part of the problem.

but i wouldn't point to the crude hollers specifically and say they're a bigger culprit or a bigger part of the problem


So these past 6 to 8 weeks is really the first opportunity they've had in a long time to focus on nothing but the business.

so these past 6 to 8 weeks is really the first opportunity we've had a long time to focus on nothing but the business


I think the work we've done over the last several years is really culminating with this singular focus vehicular business unit

i think the work we've done over the last several years really culminating with this singular focused vehicular business unit


Looking ahead, we remain strongly focused on commercializing our available in-orbit satellite capacity,

looking ahead we remain strongly focused on commercializing our available in-orbit satellite capacity


and our financial position remains robust, with good operating cash flows and a strong balance sheet.

and our financial position remains robust with good operating cash flows and a strong balance sheet


The growth was most significant in Western Europe, which was also responsible for the decline in downstream.

the growth was most significant in western europe which was also responsible for the decline in downstream


Now looking at our cost drivers. We're excited to continue to see our economic model gaining traction.

now looking at our cost drivers we're excited to continue to see our economic model gaining traction


we may see some small recovery of the fuel consumption. Let's be clear here. We're talking about low single digits.

we may see some small recovery of the fuel consumption let's be clear here we're talking about low single digit


We announced the continuation of our fibre rollout with an announcement in the first quarter of a plan to build out

we announced the continuation of our fiber rollout with an announcement in the first quarter of a plan to build out


We completed the consolidation of 1 of our 2 remaining legacy platforms

we completed the consolidation of one of our 2 remaining legacy platforms


and we do think that there would be a wide variety of financial instruments that we will be able to leverage.


We also need to better capture and market the value that we offer our customers and supplier partners.

we also need to better capture and market the value that we offer our customers and supplier partners


as part of the key takeaways, I would say we have significantly improved financial and operating performance.

as part of the key takeaways i would say we have significantly improved financial and operating performance


Both price increases announced this year have held and the product is in tight supply.

both price increases announced this year have held and the product is in tight supply


any areas or any concerns that we might have had about our ability to achieve

think any areas -- or any concerns that we might have had about our ability to achieve


and I am working closely with the newly established cash management office as well as our external advisers.

and i am working closely with the newly established cash management office as well as our external advisers


as well as contributions from the recent acquisitions which were accretive to the region's margins.


We see -- we consider it a fairly normal inventory channel level in our consumer channels.

we see -- we consider it a fairly normal inventory channel level in our consumer channels


Within Technology Solutions, we worked on over 30 programs in the year, many of which Randy mentioned earlier.

within technology solutions we worked on over 30 programs in the year many of which randy mentioned earlier


in our well results and with all of the changes in the designs that we've been making relative to our completion style.

in our well results and with all of the changes in the design that we've been making relative to our completion style


because we're talking about maintenance on a higher production base compared to what was discussed on the Q4 call or there was something else?

because we're talking about maintenance on a higher production base compared to what was discussed on the q4 call or something else


I'll begin with some third quarter highlights and then provide more detail on revenue, costs and cash flow.

i'll begin with some third quarter highlights and then provide more detail on revenue costs and cash flow


The stock is up more than 30% from our last call. We believe that's a good indication that our strategy is working.

the stock is up more than 30% from our last call we believe that's a good indication that our strategy is working


It's a series of regulated grids that change slowly across the times,

it's a series of regulated grids that change slowly across the times


All the more reason we continue finding ways to continuously improve efficiency

all the more reason we continue finding ways to continuously improve efficiency


Reconciliation of GAAP to non-GAAP measures is included in our earnings press release and available on our website.

reconciliation of gaap to non-gaap measures is included in our earnings press release and available on our website


as these innovations are customer segment and network technology agnostic.


While this growth was modest, it's good to have 2 in a row, and 3 in a row makes a trend.

while this growth was modest it's good to have 2 in a row and 3 in a row makes a trend


So it just reflects the early developments of the international markets, Nick. So the first

so it just reflects the early development of the international markets so the first


handles a free handset as a part of the subscription, as a credit facility.

handles a free handset as a part of a subscription as a credit facility


The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

the conference has now concluded thank you for attending today's presentation you may now disconnect


We've always been very active, although we have not always been very communicative about it.

we've always been very active although we have not always been very communicated by that


We also took a holistic top-down view of the entire fleet to determine where we compete

we also took a holistic top-down view of the entire fleet to determine where we compete


I would say that it is either the top or the second performing module in terms of new

i would say that it is one -- either the top or the second performing module in terms of new


really, that people are having to almost remind themselves of what it means and why it's important.

really that people are having to almost remind themselves of what it means and why it's important


they move deeper through the adoption phase and it probably becomes more -- if they're a big media conglomerate, becomes more a part of their

they move deeper through the adoption phase then it probably becomes more -- if they're a big media conglomerate it becomes more part of their


expected performance versus the performance was predominantly driven by that customer.


our customers revenue growth and the growth of just about every supplier in the WFE market.

our customers' revenue growth and the growth of just about every supplier in the wfe market


with the answer. We believe we have a very good chance of being able to buy back our stock. We started this a little bit ago.

with the answer we believe we have a very good chance of being able to buy back our stock we started this a little bit ago


We had some lower interest charges, but we had some effects of the

we had some lower interest charges but we had some effects of the


And when you see a company like Ashok, one of the largest commercial vehicle manufacturers in the world,

and when you see a company like ashok the largest commercial vehicle manufacturers in the world


There are functional prototypes today. They run across the dynos. They have -- they're

there are functional prototypes today they've run across the dynos they have


We're expanding our ReposiTrak offering. What we mean by that is that there's a number of other,

we're expanding our repositrack offering what we mean by that is that there's a number of other


The Corporate Payments category continued to perform well and was up 28% organically during the quarter.

the corporate payments category continued to perform well and was up 28% organically during the quarter


This was compounded by an already difficult comparison with 4 fewer operating days

this was compounded by an already difficult comparison with 4 fewer operating days


we believe that the potential for achieving this range significantly exceeds any downside risks.


And as in air, the underlying performance in rail was consistent across most of the country.

and as an error the underlying performance in rail was consistent across most of the country


They are pushing the boundaries in both clinical and fundamental research to tackle major global health problems,

they are pushing the boundaries in both clinical and fundamental research to tackle major global health problems


I have an interesting story to tell about how this partnership came to fruition that shows the power of these meetings on new technologies.

i have an interesting story to tell about how this partnership came to fruition that shows the power of these meetings on new technologies


In addition, we had -- I think it's really strong launch of content, and that content is powering better utilization of systems.

in addition we had a -- i think it's really strong launch of content and that content is powering better utilization of systems


This amount also includes the funding of 2 new European data centers in Paris and Frankfurt.

this amount also includes the funding of 2 new european data centers in paris and frankfurt


We will keep most of these projects and convert as much as we can into recurring revenue streams.

we will keep most of these projects and convert as much as we can into recurring revenue streams


for the businesses that are in specialty products are in -- predominantly in the South

for the businesses that are in specialty products are in -- predominantly in the south


and we still believe it's going to take a long time for their technology to mature


We expect display to remain a powerful growth driver for the company over the long term.

we expect display to remain a powerful growth driver for the company over the long term


response to this change and pleased with the management team's skill in navigating what could have been a tough issue.


But addressing your -- first part of your question about what percentage of salaries, wages and benefits. I mean, we don't break that out.

but addressing your first part of your question about what percentage of salaries wages and benefits i mean we don't break that out


In addition to these great results, let me provide you with a few more details in our bookings numbers.

in addition to these great results let me provide you with a few more details on our bookings numbers


Yes, and we're sitting on almost 400 acres of land inventory for future development.

yes and we're sitting on almost 400 acres of land inventory for future development


where we will provide a corporate update and take a more in-depth look at our lead pipeline programs,


but I would expect that to change now that we're coming in with something differentiated from the past.

but i would expect that to change now that we're coming in with something differentiated from the past


in terms of the regional splits, we'd agree with, in terms of Germany being slightly down, France

in terms of the regional splits we'd agree with in terms of germany being slightly down france


Think there was some impact in the first quarter from the weather and the flu. Just what were some of the trends you were seeing in the second quarter there?

think there was some impact in the first quarter from weather and the flu just what were some of the trends you were seeing in the second quarter there


So real estate, our property seems to be a quite promising area.

so real estate or property seems to be a quite promising area


what we should do in terms of investment and who is going to invest.


All of our customers have room to grow to protect more of their infrastructure or roll out additional products.

all of our customers have room to grow to protect more of their infrastructure or roll out additional products


than the quarterly average, and so prices were declining from April through the end of June,

than the quarterly average so prices were declining from april through the end of june


of new capabilities and size and scale of our organization, we can compete as a prime instead of going at it for a sub. So

of new capabilities and size and scale of our organization we can compete as a prime instead of going at it for a sub so


And so I think they deferred a lot of turnaround activity trying to get production back up.

and so i think they deferred a lot of turnaround activity trying to get production back up


And then also part of our business that works very well is that we also have the option

and then also part of our business works -- that works very well is that we also have the option


certain portfolio companies. We are presenting that expense through this line item.

certain portfolio companies we are presenting that expense through this line item


good water-related acquisitions that we find. We still have good acquisition candidates. I would add that

good water-related acquisitions that we find we still have good acquisition candidates i would add that


our technology and our marketing to drive business growth to deliver the best consumer experience and the best value to our partners.


but we feel good that we made significant progress over the last couple of years with changing our client trajectory.

but we feel good that we've made significant progress over the last couple of years of changing our client trajectory


There is a subset of that location that has products and services,

there is a subset of that location that has products and services


we start to test whether or not we truly have enough supply in Western Canada to satisfy the demand.

we start to test whether or not we truly have enough supply in western canada to satisfy the demand


to improve retention and to capture new opportunities across our very diverse offering.


We believe our strategy positions us well to serve and support our advisers, drive profitable growth

we believe our strategy positions us well to serve and support our advisers drive profitable growth


on our investment, on the quality of the networks, on the quality of the service, on the quality of the customer experience.

on our investment on the quality of the networks on the quality of the service on the quality of the customer experience


and our Solutions business contributing a greater share of our overall revenues, which will drive higher margins.

and our solutions business contributing a greater share of our overall revenues which will drive higher margins


Just a little comment, I am listening to your story with a very complex feeling

just a little comment i am listening to your story with a very complex feeling


and we're executing according to plan. But in spite of everything that is happening

and we're executing according to plan but in spite of everything that is happening


benefits in the second half. But it could also be that we

benefit in the second half but it could also be that we


This balance is broken down into the amounts we expect to recognize as revenue in the next 12 months or current

this balance is broken down into the amounts we expect to recognize as revenue in the next 12 months or current


the key messages. We already told you in late January

the key messages we already told you in late january


Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements

additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements


For new contracts to be awarded, ICE will likely have to issue a formal request for proposal,

for new contracts to be awarded ice will likely have to issue a formal request for proposal


without significant disruption. Before we close, I want to make a few key points.

without significant disruption before we close i want to make a few key points


The increase in noncontrolling interest was largely driven by the increased profit in United Spirits.

the increase in noncontrolling interest was largely driven by the increased profit in united spirits


available to the company's 24 million user base has an expansion into live sports programming.

available to the company's 24 million user base as an expansion into live sports programming


The increase in international revenues resulted from an increase in export projects.

the increase in international revenues resulted from an increase in export projects


new record premiums every quarter, a trend we believe will continue for the foreseeable future.

new record premiums every quarter a trend we believe will continue for the foreseeable future


we look forward to many years of increasing profits and higher returns to shareholders.


Could you give us a sense of perhaps the economics behind an account and maybe how

could you give us a sense of perhaps the economics behind an account and maybe how


And this does conclude today's program. Thanks for your participation. You may now disconnect. Have a great day.

and this does conclude today's program thanks for your participation you may now disconnect have a great day


felt -- we felt it was important to mention to you that what we lost in March, we recovered in April.

felt -- we felt it was important to mention to you that what we lost in march we recovered in april


that we would also give too much information out to our competitors on that.

that we would also give too much information now to our competitors on that


And we hope to achieve final acceptance with our customer in the coming days.

and we hope to achieve final acceptance with our customer in the coming days


We expect this to be a key growth driver in the second half and into next year.

we expect this to be a key growth driver in the second half and into next year


particularly with gasoline that puts our exposure to RINs different

particularly with gasoline that puts our exposure to rins different


need to import gasoline in that environment. So we'll go through this transition

need to import gasoline in that environment so we'll go through this transition


for each of those platforms and how we're going to develop and expand the strategy. And again, as you see with

for each of those platforms and how we're going to develop and expand the strategy and again as you see with


This channel is currently a relatively small contributor to our total revenue mix

this channel is currently a relatively small contributor to our total revenue mix


This generates a working capital deficit, which is a real positive for the company.

this generates a working capital deficit which is a real positive for the company


And we're also seeking to streamline the board structure, and we are in constructive dialogue with Ofwat as

we're also seeking to streamline the board structure and we are in constructive dialogue with offwat


We entered the second half of this year with an active and robust sales pipeline of approximately 400 prospects

we entered the second half of this year with an active and robust sales pipeline of approximately 400 prospects


But even more importantly is the external conditions. It was very interesting what happened in the security market.

but even more importantly is the external conditions it was very interesting what happened in the security market


But in addition, we also see future product applications within the markets served by our Commercial Trailer Products segment.

but in addition we also see future product applications within the market served by our commercial trailer products segment


with Q1 and some other projects we've been working on to final run that through our numbers and

with q1 and some other projects we've been working on to final run that through our numbers and


not only because of currency improvements quarter-over-quarter but as a result of significant operational improvements.


that was slightly lower than what we had indicated in the press release at the end of the quarter.

that was slightly lower than what we'd indicated in a press release at the end of the quarter


The next slide shows segment operating profit and other income and expense items compared to last year.

the next slide shows segment operating profit and other income and expense items compared to last year


Volume continued to increase across all clinical areas, including reproductive health in the first quarter.

volume continued to increase across all clinical areas including reproductive health in the first quarter


And while many share with us the excitement of what genomic medicine can do for individuals and broader health care alike,

and while many share with us the excitement of what genomic medicine can do for individuals and broader health care alike


as well as PayPal, Venmo and PayPal Credit payment options for existing and new merchants.

as well as paypal venmo and paypal credit payment options for existing and new merchants


Instant Transfer revenues continue to increase. And as a result,

instant transfer revenues continue to increase and as a result


Confidence in the group's ability to continue to generate strong net free cash flow

confidence in the group's ability to continue to generate strong net free cash flow


You see the DLTs, you have to expand out to 6 and just your time frame just gets extended so much.

you see the dlts you have to expand out the 6x and it just -- your time frame just gets extended so much


I think that's a good proxy. I think, but the one thing to remember is that any increase in price reduces

i think that's a good proxy i think the one thing to remember is that any increase in price reduces


if for some reason, we cannot find enough good projects,

if for some reason we cannot find enough good project


including a grant of royalty-based rights to use existing intellectual property


demonstrate clinical utility that supports our earlier expectations.


Scale does not in and of itself create an investable security.

scale does not in and of itself create an investable security


Both tools bridge a gap that has long existed in recruiting with pay expectations being out of line with market trends.

both tools bridge a gap that has long existed in recruiting with pay expectations being out of line with market trends


I just want further breakdown, so that I can understand better changes to the company structure.

i just want further breakdown so that i can understand better changes to the company structure


and we'll continue to invest in new transactional and servicing business lines to build out our ecosystem.


Our mission is to keep our clients ahead of constantly evolving marketplace trends.

our mission is to keep our clients ahead of constantly evolving marketplace trends


This financial mindset fuels our business model of alignment and our commitment to client and patient care.

this financial mindset fuels our business model of alignment and our commitment to client and patient care


supplying the type of product that we believe the market would be willing to buy


anything sort of unusual in the 3Q mix


Yet, it's not just our premium running products that's checking. Pursuit and Assert both had strong showings as well.

yes it's not just our premium running products that's checking pursuit and assert both had strong showings as well


without any plans for big product launches. So while the LumiSpa launch is in the first half of the year,

without any plans for big product launches so while the lumispa launches in the first half of the year


The opening of this new hospital will depend on when we receive the final CON.

the opening of this new hospital will depend on when we receive the final con


Other than standard legal fees, there were no fees or other expenses related to this placement.

other than standard legal fees there were no fees or other expenses related to this placement


The previous is reflected in a stable trend and it is found in the lower levels of the previous years.

the previous is reflected in the stable trend and it is found in the lower levels of the previous years


At this time, I would like to turn the floor back to Mr. Alejandro Elsztain for any closing remarks.

at this time i would like to turn the floor back to mr alejandro elstain for any closing remarks


Thank you. This concludes today's presentation. You may disconnect your line at this time, and have a nice day.

thank you this concludes today's presentation you may disconnect your line at this time and have a nice day


We plan to partner with others to bring in the best investment products and options to our members. We currently are looking at Robo product,

we plan to partner with others to bring in the best investment products and options to our members we currently are looking at robo product


whatever the outcome is. And part of that has been our desire already for many years, nothing new,

whatever the outcome is and part of that has been our desire already for many years not a new


which we use to enhance value for shareholders by repurchasing stock and paying down debt.


you can drill too fast in these unconventional plays. And we like to make sure that we

you can drill too fast in these unconventional plays and we like to make sure that we've


the levels of decrease are greater than that. So I think you can draw your own

the levels of decrease are greater than that so i think you can draw your own


But at the end of the day, I think we've been reasonably conservative about how we're approaching the resources

but at the end of the day i think we've been reasonably conservative about how we're approaching the resources that


to the midpoint of the revenue range, consistent with April guidance in prior years.

to the midpoint of the revenue range consistent with april guidance in prior years


It's also important to remember that the move towards technology enablement and automation

it's also important to remember that the move towards technology enablement and automation


And we also aren't predicting a fourth quarter in the range that you cited either. It's going to be

and we also aren't predicting a fourth quarter in the range that you cited either it's going to be


of a billion dollars in revenues and has profits that are wildly higher


It's worth spending a few moments on the new government in Tanzania.

it's worth spending a few moments on the new government in tanzania


But we also see the stability in projects, the stability in product road maps

but we also see the stability in projects the stability in product road maps


That is kind of within the range that is to be expected with that type of volume effect.

that is kind of within the range that is to be expected with that type of volume effect


Our buy-to-let book is well seasoned, with 9 out of 10 of those mortgages

our bite the bullet book is well seasoned with 9 out of 10 of those mortgages


In turn, the solutions we deliver provide us with unique insights to better target and recruit talent with key skills.

in turn the solutions we deliver provide us with unique insights to better target and recruit talent with key skills


But really the question is where do our particular customers want their residue gas?

but really the question is where do our particular customers want their residue gas


And I would also say on, with respect to sales effectiveness, we are seeing success in the pilot,

and i would also say on -- with respect to sales effectiveness we are seeing success in the pilot


They are now fully integrated into our clinical drug development group over in Research Triangle Park.

they are now fully integrated into our clinical drug development group over in research triangle park


This is a timing issue, which doesn't affect the overall profitability of the individual studies.

this is a timing issue which doesn't affect the overall profitability of the individual studies


couple of the remarks that were made, and then we have a list of questions that came in

couple of the remarks that were made and then we have a list of questions that came in


We are constantly improving our capital structure,

we are constantly improving our capital structure


The conforming of these definitions with our peers did not have a material impact on our prior period disclosure.

the conforming of these definitions with our peers did not have a material impact on our prior period disclosure


At this point in time, I would say that the bigger broadcast groups, and I would include us in that,

at this point in time i would say that the bigger broadcast groups and i would include us in that


Only starting with the gasification plan because it will be in the second part of the year when we'll start to see a

only starting with the gasification plant because it will be in the second part of the year when we'll start to see


Gross margin continues to be an important measure that we're monitoring to ensure commercial and product effectiveness.

gross margin continues to be an important measure that we're monitoring to ensure commercial and product effectiveness


I'll come back also later on to that. You will see the architecture of it and the different building blocks.

i'll come back also later on to that you will see the architecture of it and the different building blocks


that have direct interest to the productivity, to the revenues that they generate,

that have a direct interest to the productivity to the revenues that they generate


Based on the strength of our performance year-to-date as well as our updated forecast for the fourth quarter,

based on the strength of our performance year-to-date as well as our updated forecast for the fourth quarter


to in parallel identify these clinical sites in the relevant geographies to conduct this clinical trial.

to in parallel identify these clinical sites and the relevant geographies to conduct this clinical trial


expect more activity this year. And one of our limiting factors will be availability,

expect more activity this year and one of our limiting factors will be availability


we'll continue to add field resources while driving the comprehensive lifetime management of our installed base


And the closest thing we can look at there is the individual project funnels that make up our sales forecast.

and the closest thing we could look at there is the individual project funnels that make up our sales forecasts


This decline was due to rising contained metal costs as well as the increase in freight costs that Jack mentioned,

this decline was due to rising contained metal costs as well as the increase in freight costs that jack mentioned


And then with respect to some of the parter opportunities, we would expect those to have a shorter sales cycle as well.

and then with respect to some of the partner opportunities we would expect those to have a shorter sales cycle as well


compared with 85 days a year ago. With our seasonal billing and collection cycle,

compared with 85 days a year ago with our seasonal billing and collection cycle


We look forward to 2016 as an opportunity to build on our prior results.

we look forward to 2016 as an opportunity to build on our prior results


We are pleased to see the progress we made in the first quarter, mainly in profitability.

we are pleased to see the progress we made in the first quarter mainly in profitability


that we sometimes use this in the competitive landscape. This new and strong buying power that we have

that we sometimes use this in the competitive landscape this new strong buying power that we have


Half of the C3G patients will be on the empirically derived standard of care,

half of the c3g patients will be on the empirically derived standard of care


mobile messaging that allows enterprises to engage with consumers from a single platform.


reinforces our belief that we can be a powerful partner in RNAi. In addition, we believe that our continued progress

reinforces our belief that we can be a powerful partner in rnai in addition we believe that our continued progress


We do not expect the group's overall leverage ratio to go above 3x and

we do not expect the group's overall leverage ratio to go above 3x


in the transaction. One thing I'd emphasize is we actually retained the design companies, the design team

in the transaction one thing i'd emphasize is we actually retained the design competence the design team


We don't have to wait for small cell base stations for demand to materialize.

we don't have to wait for small cell base stations for demand to materialize


and it connects directly with your bank and, most importantly, makes it easy for you to control spending in a cool and engaging way.

and it connects directly with your bank and most importantly makes it easy for you to control spending in a cool engaging way


Then Linda will conclude our prepared remarks with an overview of the business environment,

then linda will conclude our prepared remarks with an overview of the business environment


right, when you get a corporate deal that is governed out of

right when you get a corporate deal that is governed out of


no material misstatements or fraudulent activities with the finances.

no material misstatements or fraudulent activity with the finances


We talked about this years ago in terms of controlling the costs. Could you just remind us or update us on

we talked about this years ago in terms of controlling the costs could you just remind us or update us on


and we expect to see continued growth in these very large accounts as they seek to modernize the applications that run their businesses.


So that would be the place where I would say we were soft in the quarter on the aftermarket side.

so that would be the place where i would say we were soft in the quarter on the aftermarket side


after 6 years of board responsibility for the Near East and the Americas regions.

after 6 years of board responsibility for the near east and the americas regions


and we even saw growth despite the Escondida slow down, so you can see some trucks going back to work and, I think, we

and we even saw growth despite the escambia slowdown so you can see some trucks going back to work and i think we


We simply took a prudent approach here to take any future conversations with our auditors off the table.

we simply took a prudent approach here to take any future conversations with our auditors off the table


As you can see, the amount invested into our business to improve the portfolios quality are quite important.

as you can see the amount invested into our business to improve the portfolio's quality are quite important


And then on the banking side, we've consistently increased our banking fees and transaction fees,

and then on the banking side we've consistently increased our banking fees and transaction fees


commentary. So if I caught you correctly, you guys remarked that about half of the

commentary so if i caught you correctly you guys remarked that about half of the


We expect to continue to see some benefit in the third quarter but to a lesser extent than in the previous quarters.

we expect to continue to see some benefit in the third quarter but to a lesser extent than in the previous quarters


and we enjoy payback periods on our new store investment of under 1 year.


But in our future, being part of our community won't just mean attending a weekly meeting or posting on Connect.

but in our future being part of our community won't just mean attending a weekly meeting or posting on connect


and 1 month of results from the Powder River gathering system that was acquired in early June.

and one month of results from the powder river gathering system that was acquired in early june


I'm also pleased to announce that we're in the process of expanding our aerospace presence

i'm also pleased to announce that we're in the process of expanding our aerospace presence


it back to the operator, Brenda, to open up the lines for questions and answers.

get back to the operator brenda to open up the lines for questions and answers


there is a very strong predictability. A lot of our fraud and security offers work the same way.

there is a very strong predictability a lot of our fraud and security offers work the same way


The reduced drug reimbursement of the Cures Act has made it less profitable

the reduced drug reimbursement of the cures act has made it less profitable


due to progress within Branded Consumer Goods and good contribution from Orkla Investments,

due to progress within branded consumer goods and the good contribution from oracle investments


No single company provides the breadth of capabilities as Nielsen does, and it is a catalyst for our growth.

no single company provides the breadth of capabilities as nielsen does and it is a catalyst for our growth


pull back in the second tier markets and they tend to focus more on the discretionary spend in those markets.

pull back in the second-tier markets and they tend to focus more on the discretionary spend in those markets


that we call on, and we have commercial sales execution that's been built up over decades.

that we call on and we have commercial sales execution that's been built up over decades


some of our other life operations in American Income and Liberty National, as well as

some of our other life operations american income and liberty national as well as


are going to be a more important driver. But in the long term, as you head out 3 to 5 years,

are going to be a more important driver but in the long term as you head out 3 to 5 years


And we have demanded, and obviously this needs to be seen, but we have demanded that the new operator

and we have demanded and obviously this needs to be seen but we have demanded that the new operator


These products are used across a broad spectrum of industries, including medical imaging,

these products are used across a broad spectrum of industries including medical imaging


frequent communication, not specifically on that topic, but on all the opportunities we have

frequent communication not specifically on that topic but on all the opportunities we have


related to the uplift of the building in Sherman, Texas and the delivery of capital equipments for that site.

related to the uplift of the building in sherman texas and the delivery of capital equipments for that site


The variations in supply revenue are a result of the timing of orders placed by our partners

the variations in supply revenue are a result of the timing of orders placed by our partners


to drive value creation for our stockholders while addressing the unmet needs of patients.


June was also the strongest month in the second quarter for our newly expanded European distribution center.

june was also the strongest month in the second quarter for our newly expanded european distribution center


because there's a lifetime amount of transfusion that's tolerated. If you start later, you stay alive longer.

because there's a lifetime amount of transfusion that's tolerated if you start later you stay alive longer


It is not possible for Allied to grow in those markets

it is not possible for ally to grow in those markets


potential investors. Could we not assume that even today there are those

potential investors could we not assume that even today there are those


I'd say we're pretty comfortable at 8 because it doesn't require really a lot of delta sequentially in what we're doing.

i'd say we're pretty comfortable at 8 because it doesn't require really a lot of delta sequentially in what we're doing


During the quarter, we saw the grocery market shift from an inflationary environment to a deflationary one.

during the quarter we saw the grocery market shift from an inflationary environment to a deflationary one


And so I think what you're going to see on the retail front is just continued ability to

and so i think what you're going to see on the retail front is just continued ability to


product that we should probably talk about. I mean there has been a lot of product in the channel for a while.

product that we should probably talk about i mean there's been a lot of product in the channel for a while


we are not seeing fewer participants in the bicycling space. So we don't think it's a

we are not seeing fewer participants in the bicycling space so we don't think it's a


including various financial assistance, mechanisms for qualifying persons to help ensure

including various financial assistance mechanisms for qualifying persons to help ensure


allocating their promotional spend any differently and whether that might be affecting the display business?


I think some of your customers are making some progress on the technology front. I think one of your NAND customers

i think some of your customers are making some progress on the technology front i think one of your nand customers


and slightly higher than we have estimated. Reducing this investment remains an integral part of our business plan.

and slightly higher than we had estimated reducing this investment remains an integral part of our business plan


In summary, our solid execution in Q2, along with continued investment in the business,

in summary our solid execution in q2 along with continued investment in the business


My colleagues and I would now be happy to answer your questions. Thank you.

my colleagues and i would now be happy to answer your question thank you


In addition, the continuing pipeline of major work I discussed previously

in addition the continuing pipeline of major work i discussed previously


to show, among other things, how this liquidity is supported by our future production.

to show among other things how this liquidity is supported by our future production


or 2. But we kind of felt the pain with the hiring and the startups into the third quarter.

but we kind of felt the pain with the hiring and the start-ups into the third quarter


We have carried out various campaigns to sustain brand growth.

we have carried out various campaigns to sustain brand growth


You may recall in December, we announced the sale of our Identity Management business.

you may recall in december we announced the sale of our identity management business


The market environment for our products and services continues to be positive, driven by

the market environment for our products and services continues to be positive driven by


We also have a lot of exciting new projects in the queue and look forward to converting them into income production.

we also have a lot of exciting new projects in the queue and look forward to converting them into income production


So I put it another way is we think we've whacked the heck out of refined products. We've

so i put it another way is we think we've whacked the heck out of fine products we've


maybe you can talk a little bit to that. I know part of it is obviously going to be second half, but

yes maybe you can talk a little bit to that i know part of it is obviously going to be second half but


Market prices for resin were up more than 5% during the quarter compared to last year,

market prices for resin were up more than 5% during the quarter compared to last year


So we hope to revert with that once we have finalized the long-term arrangement.

so we hope to revert with that once we have finalized the long-term arrangement


I think we like the position we're in, right. We've got more liquidity and lower leverage because our earnings have grown so much,

i think we like the position we're in right we've got more liquidity and lower leverage because our earnings have grown so much


but we think that the long-term impact of the requirement still remains to be seen.


By the way, this is exactly the way we at Orange

by the way this is exactly the way we -- at orange